Current corporate income tax developments.(part 1) From: The Tax Adviser | Date: March 1, 2001| Author: | COPYRIGHT 2001 American Institute of CPA's. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information) Copyright information

EXECUTIVE SUMMARY

* In Hunt-Wesson Inc. v. FTB, the U.S. Supreme Court held that California's interest-deduction offset provision is not a reasonable allocation of expenses to income and is impermissible taxation of income outside the state's jurisdiction.

* An alien corporation operating in New York had to include foreign-source income on its franchise tax return, even though such income was not included on its Federal return.

* Effective Jan. 1, 2000, the Michigan legislature made substantial changes to the SBT, including its application to foreign persons.

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